US markets closed, took the liberty to look for some set ups in the European Markets. A lot of opportunities, would like to stress out out this one.
1. Stock in a beginning stage of an uptrend - price trading above the 50MA.
2. Price in a value zone identified as the latest low of the 80 bar ascending triangle.
3. This fat green candle just emerged as our trigger. Context is nice, with the formation of this 80 bar ascending triangle, broken out by our fat green candle in above average volume, right after a tight 9 bar small consolidation with low volatility. Sharp price action transformation. Still within context, also worth remarking strong volume and steep price climb preceding this consolidation.
4. SL: @ 7,728 roughly 1 ATR below identified vlue zone.
5. TP: close below the 1ATR trail line
6. Position size: 1pct ttl equity at risk ALWAYS.
7. Don't forget to manage crash risk also. I use a max of 30 open positions with this aim.
Cheers,
Ruben
1. Stock in a beginning stage of an uptrend - price trading above the 50MA.
2. Price in a value zone identified as the latest low of the 80 bar ascending triangle.
3. This fat green candle just emerged as our trigger. Context is nice, with the formation of this 80 bar ascending triangle, broken out by our fat green candle in above average volume, right after a tight 9 bar small consolidation with low volatility. Sharp price action transformation. Still within context, also worth remarking strong volume and steep price climb preceding this consolidation.
4. SL: @ 7,728 roughly 1 ATR below identified vlue zone.
5. TP: close below the 1ATR trail line
6. Position size: 1pct ttl equity at risk ALWAYS.
7. Don't forget to manage crash risk also. I use a max of 30 open positions with this aim.
Cheers,
Ruben